{"id":98358,"date":"2024-11-28T00:00:00","date_gmt":"2024-11-28T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/uae\/talabat-ups-the-size-of-its-ipo-to-become-the-uaes-biggest-this-year\/"},"modified":"2024-11-28T00:00:00","modified_gmt":"2024-11-28T00:00:00","slug":"talabat-ups-the-size-of-its-ipo-to-become-the-uaes-biggest-this-year","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/uae\/2024\/11\/28\/talabat-ups-the-size-of-its-ipo-to-become-the-uaes-biggest-this-year\/","title":{"rendered":"Talabat ups the size of its IPO to become the UAE\u2019s biggest this year"},"content":{"rendered":"

Delivery Hero\u2019s Middle East unit Talabat increased the size of its offe<\/strong>ring to 20% <\/strong>of its share capital amid significant investor demand<\/strong>, up from 15% previously, after receiving approval from the Securities and Commodities Authority, according to a press release<\/a>(pdf)<\/a>. The share price range remains unchanged at AED 1.5-1.6 per share, with the additional shares allocated to institutional investors. <\/p>\n

The move sets the company up to raise between USD 1.9-2 bn (up to AED 7.5 bn) from over<\/strong> c.4.7 bn s<\/strong>hares, making it the largest IPO this year<\/strong>, trumping Lulu Retail\u2019s IPO, which raised AED 6.3 bn<\/a>. The upsized offering brings Talabat\u2019s market capitalization up to between USD 9.5 bn-10.1 bn. <\/p>\n

The increase in size was driven by strong demand from institutional investors<\/strong>, including sizable anchor investments from \u201cglobal long-only and technology sector investors,\u201d some of whom are investing in the DFM for the first time. Talabat\u2019s orderbook was fully covered<\/a> \"minutes after the books opened\" on 19 November.<\/p>\n

The timeline:<\/strong> The subscription period for professional investors will wrap today, with the final price set to be disclosed tomorrow. The company\u2019s shares are expected to start trading on 10 December.<\/p>\n

REMEMBER-<\/strong> Cornerstone investors including UAE Strategic Investment Fund, Abu Dhabi Pension Fund, and Emirates International Investment Co, committed around USD 250 mn in shares. <\/p>\n

ADVISORS-<\/strong> Delivery Hero appointed Emirates NBD Capital, Morgan Stanley, and JP Morgan as joint coordinators and bookrunners, with Abu Dhabi Commercial Bank (ADCB), Barclays, EFG Hermes UAE, First Abu Dhabi Bank (FAB), Goldman Sachs, ING, and UniCredit also acting as joint bookrunners. Emirates NBD is the lead receiving bank, with ADCB, Abu Dhabi Islamic Bank, Al Maryah Community Bank, Wio, Emirates Islamic Bank, FAB, and our friends at Mashreq are also acting as receiving banks. <\/p>\n","protected":false},"excerpt":{"rendered":"

The company saw strong demand from anchor investors<\/p>\n","protected":false},"author":1,"featured_media":98359,"comment_status":"","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1560],"tags":[130,7,1392,149,1509],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-98358","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-ipo-watch","tag-dfm","tag-enterpriseam-uae","tag-ipo","tag-ipo-watch","tag-talabat","wpautop","entry"],"acf":{"mongo_id":"75898088-1cc7-4b18-bf2f-c144e9bb575a","order":"4","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2024\/8\/2635.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Talabat ups the size of its IPO to become the UAE\u2019s biggest this year","related_issue":[98351],"teaser":"The company saw strong demand from anchor investors","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/11\/.0cdc52c0-6e4d-4c83-a7aa-0d2d96cb64eb.mp3"},"yoast_head":"\nTalabat ups the size of its IPO to become the UAE\u2019s biggest this year - 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